The LPC1227 does support ISP using the ROM resident bootloader and UART.
You should be able to use the FT232 and control lines to control the ISP bootloader as well as load an image to FLASH.
Reference: , Section: 20.3 Boot loader, Page: 306
The boot loader controls initial operation after reset, and also provides the means to
accomplish programming of the flash memory. This could be initial programming of a
blank device, erasure and re-programming of a previously programmed device, or
programming of the flash memory by the application program in a running system.
The NXP ISP bootloader is supported by Flash Magic or you could write your own routines and incorporate them into your app.
Flash Magic Supported Devices